Challenges related to the COVID-19 pandemic have prompted the forthcoming shuttering of several popular stores, including LOFT, Ann Taylor, Lane Bryant, Justice and Lou & Grey.
ascena retail group, the parent company that operates the brands, recently announced that it has filed for bankruptcy in the U.S.
The company says it’s going through a restructuring process that will necessitate the closure of the brick and mortar locations of the aforementioned stores in Canada, Mexico and Puerto Rico.
The company says it’s currently operating with approximately 95 per cent of its store base reopened and continues to serve customers in those stores and through its e-commerce websites.
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“The meaningful progress we have made driving sustainable growth, improving our operating margins and strengthening our financial foundation has been severely disrupted by the COVID-19 pandemic. As a result, we took a strategic step forward today to protect the future of the business for all of our stakeholders,” said Carrie Teffner, Interim Executive Chair of ascena, in a statement.
The company says it will be closing a “significant” number of stores in the U.S. as well.